In these times of heightened financial awareness, these two new & novel financial metrics are set to revolutionise the way everyday Aussie’s view and manage their household budget.
Moorr, an Australian personal finance wellness app, has just released its ‘next generation’ of financial tracking tools that are designed to give users a live snapshot of how hard their money is working for them.
Meet the new financial metrics that are changing the way people view and control their household budgets: WealthSPEED, WealthCLOCK and WealthTRACKER.
“Once you see your money situation presented this way, you’ll never look at your finances in the same way again,” says Ben Kingsley, Co-Creator of the Moorr App.
“We did a sneak-peak released to our inner circle community recently and the curiosity and interest has been amazing.”
These new tracking tools have been designed to give users a current snapshot of what their money is doing for them and their household twenty-four hours a day.
The WealthSPEED reveals a calculation of how much money someone is generating every hour, while the WealthCLOCK shows users a live and moving projection of one’s wealth position.
“When you think about WealthSPEED, think about it like your car’s speedometer, measuring how fast you are going per hour. Similarly, when you think of WealthCLOCK it’s like your car’s odometer, measures how far you’ve travelled and your current wealth-building momentum,” says Ben.
“The faster you can increase your WealthSPEED, the stronger your financial position becomes. And by focusing on your WealthSPEED, it’ll direct your attention and behaviour to reducing expenses, decreasing debt levels, and investing your money to make it work harder for you.”Research consistently points to many people experiencing a feeling of being “overwhelmed’ when it comes to their finances. Complex concepts; loads of financial jargon; a sense of not feeling in control, and an overall lack of awareness of one’s financial position are all contributors. According to Ben, WealthSPEED and WealthCLOCK are built to tackle these challenges head-on. “These new tools not only addresses these issues, but they greatly reduce the number of financial instruments and metrics one needs to be across, packaging up all this financial information into a couple of simple-to-understand concepts and insights,” says Ben. “This encourages a clearer understanding and greater engagement with one’s finances.” Ben adds that he hopes these tools will help households reduce the amount of time need to be across their finances and to manage their money smarter through this simplified approach.
“All they need to do is focus on making their WealthSPEED go faster and the faster it goes, the quicker they get to their next goal or thinking long term, the quicker they get to their retirement”, he says.To see WealthSPEED and WealthCLOCK in action, users can load their details into the free Moorr app, and these insights are automatically calculated and displayed on their very own wealth dashboard. These tools also have built-in historical tracking, so that each time a user updates their financials, their overall values are recalculated and saved for historical reference and recall, allowing users to see their progress over time on their wealth-building journey. To help users better understand how WealthSPEED’s calculations are done, users are also able to access 12 additional sub-gauges, such as AssetSPEED, NetIncomeSPEED, SavingsSPEED and SpendingSPEED. According to Ben, the Moorr App has been built for aspiring Australians looking to plan a lifestyle and retirement by their own design.
“Aspiring Australians are driven by actions and results, they want to know how their household finances are shaping up, especially in light of the latest interest rate increases and cost of living pressures,” says Ben.“Right now, they want to know that their money is working as hard as they are working for it, and what better way to see this, than to show them their WealthSPEED and WealthCLOCK in real-time.” If you would like to learn more about Moorr’s Wealth Dashboard Features, check out www.moorr.com.au/wealthdashboard.
